REFORMS DIDN’T CREATE NIGERIA’S ECONOMIC PROBLEMS — TINUBU

President Bola Ahmed Tinubu has said the economic reforms introduced by his administration did not create Nigeria’s economic problems but were designed to confront longstanding structural weaknesses.

Tinubu made the statement on Thursday, October 1, 2026, in his Independence Day address to Nigerians as the country marked its 66th anniversary.

The President said successive governments had postponed difficult economic decisions, allowing deep-rooted distortions to worsen and their consequences to be passed from one generation to another.

According to him, Nigeria’s economic situation had become particularly difficult by 2023, with rising poverty and declining public confidence. He said his administration therefore had “no choice” but to take difficult decisions.

Tinubu defended reforms including the removal of fuel subsidies and changes to the foreign exchange system, saying the measures were painful but necessary to address the underlying problems. “Our reforms did not create the weaknesses in our economy. They confronted them,” he said.

The President also highlighted what he described as improvements in economic growth, foreign reserves, oil production, inflation and the foreign exchange market. He said the administration’s focus was now shifting towards reducing the cost of living, creating jobs, expanding production and achieving broader prosperity.

However, Tinubu acknowledged that millions of Nigerians were still struggling with food costs, school fees, medical bills and transportation expenses. He said the government would continue expanding social support while investing in agriculture, infrastructure, industry, skills and access to finance.